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CarmicaB
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What is a legally enforceable agreement?
Contract (K)
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What is the actual bargain of the parties?
Agreement
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What is the term where a court will enforce an agreement against a party?
Binding
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What is the manifestation of an intent to act or refrain from doing an act?
Promise
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What is an act or omission (refraining from doing something?
Performance
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What are the provisions that are part of a K?
Terms
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What are decisions on a certain set of facts which should be followed in a later case substanially with the same facts?
Precedent
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"Let the decision stand", is a legal concept where the facts are the same and therefore the decision should be the same is what?
Stare Decisis
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What is the name of law that is created by the courts?
Common Law
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What is the name of the compilation of the generally accepted principles in the area of contracts?
Restatement of Contracts
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What is the name of law that is created by legislation?
Statutory Law
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Statutory contract law developed by a committee, adopted by all states including NC in whole or in part
Uniform Commercial Code
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Applies to sales and transactions
Uniform Commercial Code Article 2
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Federal Law that addresses warranties in sales of products for use by Households, families, or individuals(consumer products)
Magnuson-Moss Warranty Act
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North Carolina Laws created by legislature
NC General Statutes
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Compilation of Federal Statutory Law
US Code
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State law that protects consumers who purchase sub-standard cars
Lemon Law
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Commercial transactions conducted electronically
E-Commerce
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Scholary books on a subject
Treatise
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Formbook for NC that covers many topics on the Z-drive
Douglas Forms
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A proposal made manifesting willingness to enter into a K-includes the intent to be bound by terms of the proposal.
Offer
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Person making an offer
Offeror
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Person to whom an offer is made
Offeree
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A response to an offer manifesting a willingness to enter into a K- intent to be bound by the terms of the offer
Acceptance
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The thing of value whivh is given up by each party to the K, "bargain-for exchange"
Consideration
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Both parties to the K have the same understanding of the terms of the K and agree to be bound by them.
Mutual Assent
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Legal ability to enter into a K (18 years old or older and sound mind)
Capacity
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The purpose and subject matter of a K must be allowed by law
Legality
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An ancient law which says taht some K's are so important, they must be in writing and signed
Statute of Frauds
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A K which consists of a promise for a promise (from both sides)
Bilateral K
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a K which consists of a promise for a perfomance (from one side)
Unilateral K
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A K the terms of which are specifically stated (oral or written)
Expressed K
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A K that is inferred from the actions of the parties
Implied K
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Obligation imposed by the court to prevent unjust enrichment of one party to the detriment of another (is not a contract, although it looks like a contract
Quasi K
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A remedy- reasonable compensation that a person should receive based on the benefits that the other party has received
Quantum meruit
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A contract which has been fully perfomed
Executed K
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A contract which is not yet fully perfomed
Executory K
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A contract with no legal effect
Void K
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A contract that may be cancelled by one of the parties, but is not automatically void
Voidable K
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